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Louis Vuitton Raises Prices on Popular Neverfull GM Bag in Response to US Tariffs
Get ready to shell out some extra cash for your favorite Louis Vuitton bag. The luxury brand has just announced a price increase for their popular Neverfull GM bag in the US, following the recent 10% tariffs on goods from the European Union. According to Bloomberg, the bag has experienced a 4.8% price hike from last week, now retailing at $2,200 USD on Louis Vuitton’s US webstore – a $100 USD increase.
But don’t worry, not all of LV’s products are affected by the price increase. Bernstein analyst Luca Solca shared in a note that the brand has only raised handbag prices by 3.6%, with many items being excluded from the hike due to being manufactured in one of LV’s three US-based workshops. Representatives from Louis Vuitton and LVMH have yet to comment on the matter.
It’s not just Louis Vuitton feeling the effects of the tariffs – luxury companies, including LVMH Moët Hennessy Louis Vuitton SE, have also announced plans to increase prices in order to offset the tariffs imposed by the US. However, CFO Cecile Cabanis has stated that the strategy will impact each brand and product differently.
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Text By Sophie Caraan
Source: Bloomberg
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